Real Estate U Final Exam Prep Questions
(2026) | Verified Solutions | A+
• Listing Agreement -✓✓Agreement between salesperson and property owner, allowing
salesperson to provide services to the owner involving their porperty
• Pocket Card -✓✓Has salesperson photo, name, and business address of broker.
Carry at all times
• Fiduciary -✓✓Person responsible for other people's property and/or funds
• OLD CAR -✓✓Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and
Reasonable Care
• Disclosure Regarding Real Estate Agency Relationship Form -✓✓First form given to
clien that establishes the business relationship and understandings
• Exclsive Agency -✓✓When client agees that only one broker is going to sell a
property. Even if someone else sells, the exclusive agent is entitled to commisions.
• Principal -✓✓Client / Propert owner or buyer
• Price Fixing -✓✓When multiple agents/brokers work together to determine the price of
a service so that noone can get a better of worse deal. Illegal
• Market Allocation -✓✓Anti-competition. Illegal
• Independent Contractor -✓✓Not an employee. Agrees to do something for someon
else based on a contract. Does not have to work anywhere specifically and broker
cannot control the person's activities
• Bundle of Rights -✓✓Ownership comes with an array of rights including livign, leasing,
selling (in part or whole). Includes quiet enjoyment
• Littoral Rights -✓✓Rights to water along a property
• Riparian Rights -✓✓Rights to running water along a property
• Specifc Lien -✓✓Lient against a specific asset, like a mortgage
• Voluntary lien -✓✓Voluntary lien against an asset, like a mortgage
, • tax Lien -✓✓Involuntary lien against asset so that the asset owner has to pay taxes
• Easment -✓✓A right to cross someone elses propoerty to get to yours
• Encumberance -✓✓Something that is in the way of clear title to a propoerty
• Affirmtive Easment Appurtenant -✓✓A forced easment because of the fact that
someoen would not be able to get to their property without it.
• Full Covenant and Warranty Deed -✓✓Best kind. States that seller has clear title
• Quitclaim Deed -✓✓Deed that states what the owner owns and what he/she has thr
right to.
• Habednum Clause -✓✓To have and to hold . Descirbes what a person has if the
person hold the deed
• Deliver and Acceptance -✓✓After deed is deliverd and accepted, it has to be properly
recorded
• Chain of Title -✓✓History of who has owned a speciifc title
• Title -✓✓Legal Term for ownership f the budle of rights in real estate
• Closing Statement -✓✓Document detailing fees, commisions, insurance, etc tha
makes a transaction vaid
• Essential Elements of a Contract -✓✓(1) in writing (2) consideration (3) competant
parties
• Estate for years -✓✓Non automaticlly reneable lease for a specific period of time
• Express Contract -✓✓Contract the expresses all essential elements of a contract.
• Attorney Review Clause -✓✓Clause that allowsa buyer to back out of a deal at any
point in time during the transaction.
• Mortgage Contingency Clause -✓✓Clause that states a contract is only vald if the
buyers can get a mortgage
• Eviction -✓✓Legal proceeding where land owner can reclaim their land
• Holdover Tenat -✓✓Tenant tat stays past lease
(2026) | Verified Solutions | A+
• Listing Agreement -✓✓Agreement between salesperson and property owner, allowing
salesperson to provide services to the owner involving their porperty
• Pocket Card -✓✓Has salesperson photo, name, and business address of broker.
Carry at all times
• Fiduciary -✓✓Person responsible for other people's property and/or funds
• OLD CAR -✓✓Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and
Reasonable Care
• Disclosure Regarding Real Estate Agency Relationship Form -✓✓First form given to
clien that establishes the business relationship and understandings
• Exclsive Agency -✓✓When client agees that only one broker is going to sell a
property. Even if someone else sells, the exclusive agent is entitled to commisions.
• Principal -✓✓Client / Propert owner or buyer
• Price Fixing -✓✓When multiple agents/brokers work together to determine the price of
a service so that noone can get a better of worse deal. Illegal
• Market Allocation -✓✓Anti-competition. Illegal
• Independent Contractor -✓✓Not an employee. Agrees to do something for someon
else based on a contract. Does not have to work anywhere specifically and broker
cannot control the person's activities
• Bundle of Rights -✓✓Ownership comes with an array of rights including livign, leasing,
selling (in part or whole). Includes quiet enjoyment
• Littoral Rights -✓✓Rights to water along a property
• Riparian Rights -✓✓Rights to running water along a property
• Specifc Lien -✓✓Lient against a specific asset, like a mortgage
• Voluntary lien -✓✓Voluntary lien against an asset, like a mortgage
, • tax Lien -✓✓Involuntary lien against asset so that the asset owner has to pay taxes
• Easment -✓✓A right to cross someone elses propoerty to get to yours
• Encumberance -✓✓Something that is in the way of clear title to a propoerty
• Affirmtive Easment Appurtenant -✓✓A forced easment because of the fact that
someoen would not be able to get to their property without it.
• Full Covenant and Warranty Deed -✓✓Best kind. States that seller has clear title
• Quitclaim Deed -✓✓Deed that states what the owner owns and what he/she has thr
right to.
• Habednum Clause -✓✓To have and to hold . Descirbes what a person has if the
person hold the deed
• Deliver and Acceptance -✓✓After deed is deliverd and accepted, it has to be properly
recorded
• Chain of Title -✓✓History of who has owned a speciifc title
• Title -✓✓Legal Term for ownership f the budle of rights in real estate
• Closing Statement -✓✓Document detailing fees, commisions, insurance, etc tha
makes a transaction vaid
• Essential Elements of a Contract -✓✓(1) in writing (2) consideration (3) competant
parties
• Estate for years -✓✓Non automaticlly reneable lease for a specific period of time
• Express Contract -✓✓Contract the expresses all essential elements of a contract.
• Attorney Review Clause -✓✓Clause that allowsa buyer to back out of a deal at any
point in time during the transaction.
• Mortgage Contingency Clause -✓✓Clause that states a contract is only vald if the
buyers can get a mortgage
• Eviction -✓✓Legal proceeding where land owner can reclaim their land
• Holdover Tenat -✓✓Tenant tat stays past lease
